Bitcoin (BTC), the largest cryptocurrency by market capitalization, is experiencing a notable recovery, surging to the $63,000 mark. This surge represents an 8% weekly increase, positioning BTC for one of its strongest September performances since its inception.
In the first week of September, Bitcoin's price struggled, falling to the $52,000 support zone. However, the market rebounded significantly, bolstered by the US Federal Reserve's rate cut, leading to a 5% sector recovery.
Positive market sentiment continued to drive growth, with crypto investment products showing $321 million in inflows. Bitcoin-based products led this inflow, contributing $284 million.
Further boosting BTC’s resurgence was the acknowledgment of the crypto industry by Kamala Harris, which helped Bitcoin recover 20% from its monthly lows. The cryptocurrency approached the $64,000 resistance level but hovered between $63,000-$63,900.
Market analysts suggest Bitcoin is on track for its best September, with a month-to-date return of 7.94%. Historically, when Bitcoin closes September in the green, it paves the way for successful quarters, potentially closing the year strong.
Analysts speculate that breaking the $65,000 resistance could shift the market narrative, with potential highs up to $90,000 according to chart patterns. As of now, Bitcoin trades at $63,700, showcasing a 1.7% daily and 10% weekly surge.
